The CARES Act is part of the $2.2 trillion stimulus bill. How will that impact credit unions and their members? The law is already in effect. Do you understand the provisions? Are you ready for the projected increase in new loan requests and modifications?
AFTER THIS WEBINAR YOU’LL BE ABLE TO:
- Discuss and manage strategies regarding CARES Act provisions that impact community financial institutions
- Assist commercial borrowers with pending SBA relief programs, including the $349 billion Paycheck Protection Program, which will provide an immediate infusion of capital to cover certain costs
- Develop processes to meet the anticipated volume of loan modifications and new loan requests
- Understand the temporary relief from TDR provisions of the Act
The coronavirus (COVID-19) has changed our personal and economic lives in ways that most could not imagine. The US and world economies have been impacted in such a way that every household and business has felt some effect from required isolation or the disease itself. To survive this global pandemic, businesses of all sizes and across multiple industries need capital – and quickly. In response to the economic need for a capital infusion, the federal government responded with a $2.2 trillion stimulus titled the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which became law on March 27, 2020.
The CARES Act includes provisions which directly impact credit unions. As during other catastrophic events, our nation’s financial institutions stand at the frontlines, offering members support, confidence, and much needed financial resources. Financial institutions will be critical in delivering capital into the nation’s economy through the various SBA programs outlined in the Act, including the Paycheck Protection Program (PPP), Economic Injury Disaster Loans (EIDL), and subsidies for certain loan payments. In addition to SBA programs, the Act has multiple provisions that have direct impact or management implications for financial institutions. This presentation will provide a broad scope of the Act’s provisions which need to be addressed as institutions navigate through our new, temporary, normal.
WHO SHOULD ATTEND?
This informative session will provide a broad overview of the impact of the CARES Act. It will benefit senior management, directors, business bankers, and work-out specialists.
- Content-rich slides with Act citations to enable management’s continued research
- Employee training log
SPEAKER: Aaron Lewis, Young & Associates, Inc.
Aaron Lewis is a senior consultant at Young & Associates, Inc. With over 15 years in the banking industry, his expertise is now dedicated to the lending division of Young & Associates where he assists financial institutions with loan, ALLL, policy, and credit-process and compliance reviews. He also conducts seminars on credit risk and compliance.
Prior to joining Young & Associates, Aaron was the Vice President Credit Administrator of a community financial institution in southeast Michigan and managed all facets of the lending function, including originations, underwriting, ALLL analysis, servicing, and secondary market compliance. He holds a Bachelor’s in finance from Michigan State University and graduated from the Graduate School of Banking, University of Wisconsin.